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SocietyOne vs RateSetter

Compare two of Australia's most prominent peer-to-peer lenders to find out which one will work for you.

Peer-to-peer (P2P) loans offer a number of benefits to borrowers, including very competitive rates that are tailored to your credit position and a fast turnaround time. But which lender will offer you the best P2P option? On this page, we compare the costs and main features of two of Australia's main P2P lenders, SocietyOne and RateSetter.

SocietyOneRateSetter
Interest rateFrom 7.5% p.a.From 4.2% p.a. (variable rate)

From 8.46% p.a. (fixed rate)

Interest rate typeFixedVariable rate (rates from 4.2% p.a. with terms from 0.50 year(s) )
Fixed rate (rates from 8.46% p.a.)
Secured or unsecuredUnsecuredSecured or unsecured
Loan amounts$5,000 to $50,000$2,001 to $45,000
Loan terms2-5 years or 5 years0.50 years to 5 years
Early repayment without penalty?yesyes
Eligibility
  • Aged over 21
  • Australian permanent resident or citizen or New Zealand citizen
  • Earn more than $25,000 p.a.
  • Have 2 years good credit
  • Have no bankruptcies
  • Are not in hardship with another provider
  • Aged over 21
  • Australian permanent resident or citizen or New Zealand citizen
  • Have a regular source of income
  • Have a good credit history
MoreFind out moreFind out more
  • Verdict

Both peer-to-peer lenders offer competitive rates that are tailored to your credit score. However, the lenders differ on features such as how much you can borrow, how long you can take out the loan for, whether the loan is unsecured or secured and the type of interest rate. So, keep in mind what you are looking to get out of your personal loan and choose the loan that is right for you.

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Important Information*
Harmoney Unsecured Personal Loan

Interest rates are tailored to each applicant individually, and start from as low as 6.99% p.a. to 26.95% p.a. based on your credit history.

SocietyOne Unsecured Personal Loan

Based on your risk profile, you will receive a tailored rate between 7.5% and 20.14% with a SocietyOne personal loan. Apply before 31 March 2018 to earn 2 Velocity Points for every $1 you borrow.

Pepper Money Unsecured Fixed Rate Personal Loan

Apply for up to $50,000 and receive conditional approval within minutes. Interest rates range from 9.99% p.a. to 21.49% p.a. The rate you are approved for depends on individual circumstances.

NAB Personal Loan Unsecured Fixed

An unsecured personal loan with a competitive fixed rate that you can make additional repayments to without penalty. Note: You must have held a NAB credit card or transaction account for at least 6 months before applying.

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